REFILE-CIMB seeks to raise up to $887 mln in share offer - term sheet
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HONG KONG Jan 13 (Reuters) - Malaysian lender CIMB Group Holdings Bhd is seeking to raise $869 million to $887 million by selling new shares, according to a term sheet seen by Reuters on Monday.
CIMB is selling 400 million new shares for 7.10 ringgit to 7.25 ringgit each in the base offer, representing an up to 2.7 percent discount to CIMB stock's Friday close, the term sheet showed. The underwriters have the option to raise the offer by up to $222 million to meet additional demand.
CIMB, Southeast Asia's fifth-largest lender by assets, will use the proceeds to fund growth in subsidiaries, reduce debt and for working capital needs.
Bank of America, CIMB Investment Bank and Credit Suisse are joint book runners. (Reporting by Denny Thomas and Umesh Desai; Editing by Christopher Cushing)
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